EMBERCOIN PRE-SWAP ANNOUNCEMENT
Ladies and Gentlemen, the bright future of Atheneum is upon us. The last twelve months have been full of ups and downs. But, your commitment and patience has been well worth it. On behalf of the Atheneum Team I am very happy to announce some very exciting news regarding details for the swap of your old Embercoins for your newly minted and shiny Atheneum Coins.
Please follow developments on our Discord channel!
https://discord.gg/NwqDppHWhat version of the Embercoin wallet supports the swap?
Version 1.1.5.6 supports the swap, available here:
https://github.com/AtheneumChain/Ember/releasesWhen is the swap? Soon. Very soon. Developers are finishing minor wallet cosmetics and are close to completing cross-chain development. They are working feverishly to get this done ASAP.
How long will I have to swap my Embercoins for Atheneum?
The Swap is for 30 days. During the first two weeks, the rate is dynamic based on EMB supply / 25M. Redistribution bonus and other AEM allocations are made at the close of swap.
Week 1 swap = swappers get 100% of redistribution bonus
Week 2 swap = swappers get 50% of redistribution bonus
Week 3-4 swap = no redistribution bonus, swap rate static to 350k to 1
all swap closes after 30 days - no exceptions.
So what’s the take away here? Swap early for maximum value!
How will AEM be distributed?
The swap is really just the beginning of the Atheneum Project. In order for Atheneum to fulfill its use-case as the world’s first ever Decentralized Autonomous Learning Organization (DALO), funds will need to be reinvested into the project. One of the core values of this project is transparency. In the spirit of transparency, below is a list of not only how EMB holders will be swapped to AEM but also how the remaining funds will initially be allocated after the swap:
The swap distribution consists of both dynamic and static values:
- Immediate AEM Distribution (Dynamic)
- Leftover AEM Redistribution (Dynamic)
- Exchange Treasury (Static)
- Marketing Treasury (Static)
- Team Compensation (Static)
- Donator Appreciation (Static)
- Developer Bonus (Static)
Immediate AEM Distribution:
Amount: Dynamic
This value is created from swap participation and is determined by the swap rate corresponding to the week you submit your holdings.
Leftover AEM Redistribution:
Amount: Dynamic
We find it highly unlikely that we will see a 100% swap participation. As a way of saying thank you for supporting Atheneum, participators who swapped in Week 1 and Week 2 will be sent bonus AEM according to their holdings percentage after the swap finishes. This bonus will dynamically scale with swap participation and how much you receive depends on the time of participation. The total Leftover is calculated as: 25 Million minus Static Amounts minus Total Swap Participation.
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Exchange Treasury:
Amount: 2,000,000
Holdings set aside for exchange listings is crucial to growing our reach and exposure by specifically targeting successful, high-volume exchanges.
Marketing Treasury:
Amount: 1,000,000
Our team will allocate AEM for airdrops, bounties, faucets, campaigns, and other marketing ventures.
Team Compensation:
Amount: 460,000
Many community members have placed a lot of time, effort, and funds to see this swap through and so will be reward for their time.
Donator Appreciation:
Amount: 41,466
To those who believed in this project by donating toward development, we will be gifting AEM back to you.
Developer Bonus:
Amount: 20,000
Last, but not least, we are very thankful for our developer's work. As a big thank you to them, we are giving them a bonus.
Here is an example to explain the swap math:
John Smith has 1 Billion EMB. If John swapped at today's swap rate of 317,408:1, he would have received 3,150.52 AEM. At the end of swap, the team sends out bonus redistribution. If there is 57% total participation, John's bonus would be:
- If he swapped in Week 1 (100% bonus): 1,621.43 AEM, an equivalent of 209,558:1 swap ratio
- If he swapped in Week 2 (50% bonus): 810.71 AEM, an equivalent of 252,447:1 swap ratio
- No bonus after Week 2
